A recently formed self-storage developer, Baranof Holdings, is coming out of the gates with four self-storage projects currently under construction and another four projects in the wings.
The Dallas-based company raised equity for the projects via a fund advised by Crow Holdings Capital-Real Estate. Baranof is sponsored by Value Acquisition Fund
The group’s first four projects, which are slated for completion during the fourth quarter of 2016, are located as follows:
- 11200 Ranch Road 620 in Austin, TX. 91,600 square feet, 601 units.
- 13100 Ranch Road in Austin, TX. 101,645 square feet, 709 units.
- 6006 NE Holladay in Portland, OR. 115,438 square feet, 868 units.
- 7901 Glenwood Avenue in Raleigh NC. 70,104 square feet, 452 units. (pictured at top)
All facilities will be managed by third-party REITs. Baranof is also planning projects at the following locations:
- 1602 15th Avenue W in Seattle, WA. 207,000 square feet.
- 2625 SE 165th Avenue in Vancouver, WA. 93,300 square feet. Expected start date in Q3 2016.
- 622 Capital Boulevard in Raleigh, NC. 123,000 square feet. Expected start date in Q3 2016.
- 700 SE Belmont Street in Portland, OR. 84,000 square feet. Expected start date in Q3 2016.
Planned
Eastpointe Storage Center LLC plans to invest between $3.5 million to $4 million to convert a former car dealership at 24200 Gratiot Avenue in Eastpointe, MI into a self-storage facility after receiving approval from the local city council. Work on the project is expected to commence within the next 45 days, according to Macomb Daily. The facility will operated under the name My Space Self-Storage.
A developer is planning to build a four-story self-storage facility on a 1.9-acre parcel at Rochester Road and Wattles Road in Troy, MI, according to C&G Newspapers. The existing buildings will be demolished to make way for the facility, that will offer 80,389 square feet in its first phase. The second phase will add 45,392-square-feet. The completed facility will have 966 storage units.
Moving company Men on the Move wants to convert their storage warehouse at 50 Carnation Avenue in Floral Park, NY into a self-storage facility, according to The Island Now. The company is relocating their moving operation to another warehouse in Port Washington.
Under Construction
U-Haul recently obtained a building permit to construct a three-story self-storage facility at 13650 Granville Avenue in Clermont, FL. The project is valued at $3.3 million.
Completed
Brexton LLC, operator of Tri-Village Self-Storage has opened its second location at 195 E. Long Street in Colmbus, OH. The six-story facility spans a 55,000 rentable square feet and offers 750 storage units, along with wine lockers and a tasting room.
The post The Roll Up: Weekly Self-Storage Development Round Up 5.25.2016 appeared first on The SpareFoot Storage Beat.